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| Sulzer Rejects InCentive’s Offer as Too Low (09/04/2001, Media Release) |
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The Board of Sulzer has today presented its formal response to InCentive Capital’s unsolicited offer. This response demonstrates that InCentive is offering substantially less than what Sulzer is worth. Accordingly, the Board of Sulzer urges its shareholders to reject InCentive’s offer and its AGM proposals.
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| InCentive’s “increased” cash offer simply compensates for the Sulzer dividend (06/04/2001, Media Release) |
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Sulzer notes that, only a week after launching the offer, InCentive Capital has today raised its cash take-over bid to the level initially implied. InCentive Capital’s original headline bid price of CHF 410 per share was in effect an offer of a CHF 390 payment by InCentive for the Sulzer shares after Sulzer’s CHF 20 per share dividend was paid. Today’s announcement by InCentive in effect means an offer of CHF 410 per share after payment of Sulzer’s CHF 20 per share dividend. The central point, however, is that InCentive’s bid remains too low.
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| Good first-quarter business results - divestiture negotiations to continue (03/04/2001, Media Release) |
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Philip Mosimann, currently head of Sulzer Textil, will be leaving per June 30 this year to take up a new appointment as CEO Bucher Industries. His successor will be Ulrich Bolleter, Sulzer Textil technology manager.
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| Corporation |
| Sulzer Response to InCentive Capital Offer (30/03/2001, Media Release) |
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The Board of Sulzer acknowledges the publication by Incentive Capital of the terms of its proposed bid for Sulzer AG. Sulzer will study InCentive’s proposals and will give a fuller response in due course.
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| Corporation |
| No incentive for Sulzer shareholders (30/03/2001, Media Release) |
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Sulzer has undertaken an initial review of the terms of the bid released today by InCentive Capital. The Board will provide a detailed response to shareholders before InCentive’s offer period starts on April 17. Sulzer, however, rejects InCentive’s proposals as being only in InCentive’s own interests. Furthermore, Sulzer believes InCentive leaves key questions unaddressed, which should be answered before proceeding further.
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| Corporation |
| Sulzer Services renamed Optimo Service AG (27/03/2001, Media Release) |
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The local organization for internal services of Sulzer in Winterthur has been taken over by three executives through a management buyout. By founding the new company Optimo Service AG, headquartered in Oberwinterthur, about 180 Sulzer employees have been transferred to a new business environment.
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| Corporation, Sulzer Hexis |
| Sulzer Hexis signs sales agreements with leading German power suppliers (27/03/2001, Media Release) |
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At the largest International Sanitation and Heating Trade Fair (ISH) in Frankfurt/Main, Sulzer Hexis has presented its first fuel cell system for domestic heat and power generation. Sales agreements were signed here with leading German power suppliers for no less than 200 of these systems.
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| Corporation |
| Leonardo Vannotti appointed Chairman of Board at Sulzer Ltd; Max Link becomes Chairman of Sulzer Medica Ltd (26/03/2001, Media Release) |
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Ueli Roost has announced his resignation with immediate effect as Board Chairman of not only Sulzer Ltd – as previously announced – but also of Sulzer Medica Ltd. Roost thereby intends to afford both companies the greatest possible freedom of action in their current phase of transitional realignment.
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| Corporation |
| InCentive required to provide clarification (21/03/2001, Media Release) |
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The Swiss Takeover Board today published its decision regarding the pre-announced bid by InCentive Capital AG for Sulzer AG. The decision provides clarification on a series of issues that Sulzer had raised in its filing with the Takeover Board on March 2. However, a variety of issues remain open and the Takeover Board requires InCentive to provide clarification on these issues in its final bid document.
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| InCentive’s attempt to seek control of the board at the AGM is unacceptable – bid far too low (09/03/2001, Media Release) |
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At the annual press conference on March 9, 2001 Sulzer presented its concept of separating Sulzer and Sulzer Medica. The annual general meeting of Sulzer AG on April 19 is to decide upon the spin-off. This separation will result in two fully independent companies clearly focused on their respective core businesses. As has already been announced on February 23, Sulzer regards the public tender offer and related attempts to seek control of the board launched by InCentive Capital AG as unacceptable. The proposed bid undervalues the industrial businesses by far and offers no clear strategy.
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